How do I increment a number using 0:00:00 format?

I am trying to create a time tracker in the following format; 0:00:00. The first zero represents the hour, then minutes, then seconds. Currently, I have a working function that increments the number every second. I know there is a proper way to do this with getDate() and then modifying the hours, minutes and seconds using getHours(), getMinutes() and so on. I just can't seem to get it all to work together. I've attached a working jsFiddle to show how far I've gotten.

The goal is to have it look something like ... 0:00:59 then turn into 0:01:00 and so on. Thank you.

Full example @ http://ift.tt/1AYNOmS

$('#submit').click(function(){
var start = setInterval(updateDisplay, 1000), // every millisecond call updateDisplay
   timer = $('#timer'),
   value = parseInt($(timer).find('.value').text(), 10);



function updateDisplay(){

    value++;
    $(timer).find('.value').text(value);
    if (value >= 60) {
        $('#sec').replaceWith("min");
    }
    if (value >= 3600) {
        $('#sec').replaceWith("hrs");
    }
    if (value >= 86400) {
        value = 0;
        console.log('stop and take a break, you have been working over 24hrs!');

    }
}

$('#stop').click(function(){
    clearInterval(start);
});
$('#reset').click(function(){
    clearInterval(start);
    value = parseInt($(timer).find('.value').text('0'));
});

});